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BHUBANESWAR: The much awaited Odisha Protection of Interests of Depositors (in financial establishment) Bill, 2011 becomes an Act with President Pranab Mukherjee on Tuesday giving his assent to it. The Act comes into force with immediate effect, enabling the State Government to act tough against the malpractices of the fraudulent financial institutions and recover the money of the depositors.

BHUBANESWAR: The All India Rahul Gandhi Brigade State unit on Monday staged a demonstration in front of the State Assembly and submitted a memorandum to the Governor demanding a CBI probe into the chit fund scams in the State.

BHUBANESWAR: The Odisha High Court on Monday asked chit fund Company Green Ray International to provide it the details of all investors who have deposited money with the company mentioning about the amounts they have invested and the amounts they are likely to get back after maturity of their terms.

BHUBANESWAR: The Crime Branch (CB) of Odisha Police on Wednesday arrested two officials of chit fund company Flourish India for allegedly duping investors to the tune of Rs 100 crore in the state. The arrested officials are the company's ex-Managing Director Prasanna Dash and current MD Ballav Prsad Nayak.

BHUBANESWAR: In the wake of the large-scale chit fund scams by various fraudulent agencies and organisations in the State, the Vandemataram group on Tuesday staged a street play here at the Master Canteen Square appealing to the people not to go by the tall promises of the chit fund companies and save their money in legal agencies following proper verification.

BHUBANESWAR: The ruling BJD announcing a Rs 300 crore corpus fund to help victims of the mega chit fund scam has raised several eyebrows, with the opposition dubbing it as an 'election gimmick' and reiterating its demand for a CBI probe to unravel the truth.

BHUBANESWAR: Police on Wednesday filed preliminary chargesheet in a trial court here against Artha Tatwa (AT) Group CMD Pradeep Sethy and six others accusing them of embezzling public deposits worth crores of rupees. The development came a day after the state government announced Rs 300-crore corpus fund for victims of various chit fund companies.

BHUBANESWAR: Taking a cue from West Bengal, chief minister NaveenPatnaik on Tuesday announced Rs 300 crore corpus fund for victims of the multi-crore chit fund scam. "Under no circumstance will my government allow genuine investors to suffer. We are putting in place a strong legal and financial arrangement so that people do not suffer undue loss," the CM said in a statement.

BHUBANESWAR: The Eco­nomic Offences Wing, which is investigating the financial fraud by Seashore Group, has found that the company was also into diamond busi­ness. Seashore chief Prashant Dash, who was arrested from Mumbai last month, fre­quented the Western Indian States in connection with its diamond business too. He had visited Surat apart from operating out of Mumbai.

BALASORE: After spending a week in Balasore district jail, Artha Tatwa Group CMD Pradip Sethi and Director Manoj Patnaik were back in Jharpada jail in Bhubane­swar on Friday. They were taken on remand for three days in two phases by the Sahadevkhunta police in Balasore.

JEYPORE: In another setback to the Chairman-cum-Managing Director of Seashore group of companies Prashant Kumar Das, who is presently lodged in a jail in Koraput district, the District court here rejected his bail plea Thursday.

BHUBANESWAR: With more skeletons are tumbling out of the clos­ets in the multi-crore chit fund and real estate scam in the State, some in­vestors here have lodged a complaint with Chandrasekharpur police against Dhiraj Constructions and Marketing Pvt Ltd alleging a fraud of Rs 2.7 crore.

BHUBANESWAR: : The Sub-Divisional Judicial Magistrate (SDJM) Court of Baleswar on Tuesday rejected the bail plea of Artha Tatwa (AT) Group CMD Pradeep Sethi and granted permission to the Sahadevkhunta police to take him on remand.

BEHAMPUR: Investor and agentsof Artha Tatwa (AT) Group on Tuesday took out s rally here on Tuesday, demanding the Government to return their submitted a fiscating properties of the company. They submitted a memeoramdum, addressed to Chief Minister Naveen Patnaik to revenue divisional commissioner.

BALASORE: The Sub-divi­sional Judicial Magistrate of Balasore on Tuesday granted remand of Artha Tatwa Group CMD Pradip Sethi and director Manoj Patnaik for one more day. Earlier, Sethi was taken on a two-day remand.

BHUBANESWAR: In a bid to make the chit fund scam a major issue in the urban local body (ULB) polls scheduled later this year and the 2014 elections, the State Congress constituted a state-level cell to provide legal assistance to persons defrauded by the finance companies.

BHUBANESWAR: Sahadevkhunta police in Balasore were on Friday granted the remand of Artha Tatwa Group CMD Pradip Sethi and Director Manoj Patnaik for interrogation. The duo was shifted from Jharpada jail in Bhubaneswar to Balasore jail on Thursday night.

BHUBANESWAR/KORAPUT: The Crime Branch (CB), probing the multi-crore fraud by controversial Seashore Group, said it is still groping in the dark about Rs 1,000 crore, which the money circulation company allegedly diverted to other businesses.

BHUBANESWAR: The Crime Branch (CB), probing the alleged multi-crore fraud by Seashore Group, on Monday seized two prints of an upcoming Odia movie in which the company's CMD Prasant Dash invested more than Rs 50 lakh.